Tampa Short Sales Information

What is a short sale?

A short sale is when a home owner nets less on the sale of the home than is owed to the lender(s). For instance: A home owner has to sell his home and has a $250,000 loan balance outstanding. The market conditions suggest that the home may only be worth $180,000. At a sale price of $180,000, and adding the costs of selling the home, the owner will face a substantial deficit. The homeowner must attempt to find a buyer and plead a hardship to the lender, asking the lender to forgive the difference owed.

Why would a lender (note holder) allow this?

Banks would rather write off a portion of the amount owed than be faced with the possibilty of taking ownership of the property. Estimates are upwards of $50,000 just for the bank to initiate foreclosure proceedings. The bank will often try to minimize its losses by allowing the owner to sell the home and payoff less than what is owed.

Who qualifies for a short sale?

Homeowners that are behind in payments, or homeowners who will soon be unable to make payments, may qualify to short sell their home. A hardship letter explaining the homeowners' situation will be required by the bank, along with proof of current income (pay stubs), bank statements, recent tax returns, and a financial worksheet detailing income, assets, and liabilities.

What will the lender accept as a payoff?

The lender(s) will have to approve any offer (contract) that the homeowner has signed with a prospective buyer. The lender(s) will consider the offer, weighed against what they could possibly net at a public auction instead. Lenders will order an appraisal or an independent opinion of value to establish an estimated current market value.

Why are short sales so common?

When home values decline, as they have nationwide and especially in Tampa, loan balances on many homes exceed the market value. For instance, anyone who bought a home in Tampa near the peak of the market, and financed the purchase, most likely owes more than the home is worth. Likewise, those who continued to borrow against the accumulated equity in their homes, may now owe more than the home is worth. Consequently, many current listings are short sale listings.

Will we see more short sales?

More than likely. As long as there are plenty of mortgages out there with balances at or above the market value of the property, expect more short sales. As those mortgages are weeded out and/or property values begin to rise, expect short sales to go away. It's all about equity, or lack thereof.

Home Sellers

Need to sell and wondering if you would qualify to short sell your property? Feel free to contact us using the form below. Someone will be in touch with you within 24 hours.

Home Buyers

Are you in the market  for a home in Tampa?  If so, fill out the form below. We will contact you within 24 hours to discuss your plans and how we can assist you.

Please fill out the form below and we will respond to your question as quickly as possible. 

Looking to Sell?

Are you looking to sell your house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.
 
Your Information
*Name:
*Email:
Phone:
Street Address:
City:
State:
Country:
Zip/Postal Code:

Some Details
When Are You Moving?:
Where Are You Moving?:
Preferred Selling Price?:
Number of Bedrooms?:
Number of Bathrooms?:
Size In Square Feet?:
Any Comments, Concerns, Or Questions:

Note: Fields with an * are required


Gurvich Group of Keller Williams 3502 Henderson Blvd Tampa, FL 33609
Cell: Fax:

Tampa Home Inspections | Contact Us | Curb/Web Appeal List | What's My Home Worth? | Why Use a Buyer Agent? | Search All Areas | Tampa Bay Map | South Tampa Homes | Why Pre-Inspect? | About Keller Williams | About Gurvich Group | Adalia Bayfront | Tampa Short Sales | Bel Mar Shores Home For Sale | Sunset Park Home For Sale | Sunset Park Homes | Sunset Park Pool Home | Top Schools | Expired Listing? | Bellamy on Bayshore | The Alagon | 345 Bayshore | Community Links | Bel Mar Shores Homes | Market Conditions | Listing Presentation | Market Snapshot | About The HUD 1 | Pricing Your Home | Palma Ceia Homes | Virginia Park Homes | Tampa Flood Insurance? | Seminole Heights Homes | Tampa Waterfront Homes | News & Info | Tampa Real Estate Blog | Client Testimonials | REALTOR Info | Tampa Condos | Home Staging | Buyer Questionnaire | Atrium on Bayshore | Skypoint | Maryland Manor 3/2 | Sunset Park Lot | Seminole Heights Bungalow For Sale | Riverside Heights Home For Sale | Box Factory Loft For Sale | South Tampa Lots & Land | Parkside One Bayshore | Parkcrest Harbour Island | Tampa VA Home Loans | Tampa FHA Home Loans | Historic Homes | Closing Costs | First Time Buyer? | Inspection Tips | Looking to Buy? | Real Estate Glossary | Looking to Sell? | GGKW Featured Homes | Home | Apply For A Loan | Seller Paid Closing | Mortgage Calculators | Request Information | Make It Easy! | Buying Foreclosures/REO's | Home Value Estimate | Tampa Buyers | Tampa Sellers

Copyright © 2010 Gurvich Group of Keller Williams
Portions Copyright © 2010 a la mode, inc.
Another XSite by a la mode, inc. | Terms of UseSite Map
All rate, payment, and area information are estimates and approximations only.